With an ever-increasing business portfolio in Asia, Macclesfield based Fastrak, the leading supplier of retail point of sale display solutions to the lottery industry, has been recognised at the Greater China Business Awards following continued growth from the $1,807,000. US dollars recorded turnover in 2016 to $2,000,000 USD in 2017.
The Greater China Business Awards 2018 is for companies that have made the most significant contribution to developing business or network links with Greater China in 2017, including bi-lateral trade or investment over 3 years, regardless the annual turnover.
Having opened its Asian office in 2008 and incorporated Fastrak Retail Asia on 5th May 2010, the business has since developed manufacturing and business assets in China & Hong Kong, which service Fastrak Retail UK Ltd and Fastrak Lottery Solutions globally.
John Barrett adds; “Although we have manufacturing facilities in the North West, our business relies on its core manufacturing capabilities from our China facility which has the ability to scale up quickly when demand requires it to. This has been crucial to the success of our business to date and to be able to roll out the major global lottery installations we have achieved in the past ten years.”
Fastrak has invested into Greater China with the long-term view of becoming the go-to supplier for the China lottery operators point of sale display solutions. Since 2010, momentum quickly grew and Fastrak soon had to expand its sales operation. By 2013, Fastrak Retail Asia, which was then responsible for sales, administration, logistics, project management, quality control and scheduling, was running at a healthy profit of $1,655,824 HK dollars (£140,000). In 2017, Fastrak incorporated Fastrak Retail Shenzhen as a wholly owned subsidiary of Fastrak Retail Asia adding further capability and resource to its Asian business operations.
“Our approach to creating a sustainable business in China centres on using our globally renowned knowledge and understanding of retail environments and consumer behaviour, to bring highly desirable, UK-designed solutions to the region at competitive prices,” adds John Barrett. “We have specific, world-leading expertise building lottery brands in-store and by locating the manufacturing aspect of our business within the region we are uniquely able to deliver European quality lottery and retail point of sale display solutions to market quickly and professionally.”
Fastrak were shortlisted in the Business Award category which is set aside for business with links for over three years within Greater China. At the evening award ceremony last Friday, Fastrak were commended by the judging panel being recognised as the third best business in the North West for its contribution to developing business with China and Hong Kong.